Vingroup Aims to Generate 1 Million Carbon Credits by Transitioning Gasoline Vehicles to Electric
Vingroup plans to create 1 million carbon credits over five years by selling 2 million vehicles by 2029, with 85% being converted gasoline vehicles. The project, registered under Gold Standard’s GS4GG, estimates emissions reductions based on a comparison of gasoline and electric vehicle emissions over 12,000 km annually. The carbon credits will be traded domestically and internationally, with a focus on environmental protection and battery recycling partnerships with Li-Cycle and BatX Energies.
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Vingroup intends to produce 1 million carbon credits from converting gasoline vehicles to electric ones by 2029, targeting the sale of 2 million vehicles, of which 85% will be converted gasoline vehicles. The project is registered under the Gold Standard's GS4GG.
Emission reductions will be calculated based on the difference between emissions from gasoline and electric vehicles over an assumed distance of 12,000 km per year. The carbon credits are set to be traded domestically and internationally.
Vingroup is also addressing battery disposal concerns by partnering with Li-Cycle and BatX Energies for recycling lithium, cobalt, and nickel. While the company retains ownership of the carbon credits, VinFast customers may benefit through incentives.
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